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GST Roll Out Launch 2017 Complete details

GST Roll Out Launch 2017 Complete details

GST Roll Out Launch

GST Roll Out Launch : Goods and Services Tax (GST), India’s biggest tax reform, was launched at midnight at Parliament’s historic Central Hall, by President Pranab Mukherjee and Prime Minister Narendra Modi. With the stroke of the gong, current tax rates are replaced by GST rates. It is the fourth time since Independence that an event was held there at midnight. The last three celebrated India’s Independence and that is among the reasons that the Congress had listed for boycotting the GST launch. Several other opposition parties too stayed away. GST, which replaces a slew of indirect taxes with a unified tax, is set to dramatically reshape the country’s 2 trillion dollar economy.

Tonight, as the clock strikes 12 midnight a gong will sound in Parliament House Central Hall to officially announce GST launch. It will usher in a new era of taxes in India. Yes, the much-awaited Goods and Services Tax (GST) will be applicable from midnight tonight.

GST Roll Out Launch

The GST, a single tax, will replace many state and central taxes and cesses. The GST will replace taxes such as VAT, sales tax, excise tax, luxury tax, entertainment tax, etc. The new tax regime will convert a nation of diverse taxes into a nation of a single tax. This would make India a single market with a uniform tax structure. This would mean that prices of most items will be changed. Here is a list of items which will see a change in tax rates:

1. No tax will be imposed on items like jute, fresh meat, fish chicken, eggs, milk, buttermilk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, bones and horn-cores, bone grist, bone meal, etc.; hoof meal, horn meal, cereal grains hulled, Palmyra jaggery, salt – all types, kajal, Children’s’ picture, drawing or colouring books and human hair.

2. Hotels and lodges with a tariff below Rs. 1,000 will also attract no tax. Grandfathering service has also been exempted under the GST. Rough precious and semi-precious stones, however, will attract a GST rate of 0.25 per cent.

3. Goods that will attract a tax rate of five (5) percent will include fish fillet, apparel below Rs 1000, packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats, cashew nut, cashew nut in shell, raisin, ice and snow, Bio gas, Insulin, incense sticks, kites, postage or revenue stamps, stamp-post marks and first-day covers.

4. Services that will attract a tax rate of five (5) percent will include transport services (railways, air transport) and small restaurants because their main input is petroleum.

5. Goods that will attract a tax rate of 12 percent will include apparel above Rs 1000, frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, cell phones, Ketchup & Sauces, All diagnostic kits and reagents, Exercise books and notebooks, Spoons, forks, ladles, skimmers, cake-servers, fish knives, tongs, Spectacles, corrective, Playing cards, chess board and carom.

6. Services that will attract a tax rate of 12 percent will include state-run lotteries, non-air conditioned hotels, business class air ticket, fertilisers and work contracts.

7. Goods that will attract a tax rate of 18 percent will include footwear costing more than Rs 500, Trademarks,  software, Bidi Patta, Biscuits (All categories), flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, notebooks, steel products, printed circuits, camera, speakers and monitors, Kajal pencil sticks, Headgear and parts thereof, Aluminium foil, Weighing Machinery [other than electric or electronic weighing machine.

8. Services that will attract a tax rate of 18 percent will include AC hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST, Room tariffs between Rs 2,500 and Rs 7,500 and restaurants inside five-star hotels.

9. Goods that will attract a tax rate of 28 percent will include bidis, chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with chocolate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles and aircraft for personal use.

10. Services that will attract a tax rate of 28 percent will include Private-run lotteries authorised by the states, hotels with room tariffs above Rs 7,500, 5-star hotels, race club betting and cinema.

GST Roll Out Launch

  • GST is a tribute to the maturity and wisdom of India’s democracy.
  • It is a moment of personal satisfaction for me. As a finance minister, I moved the Constitutional amendment of GST and had been deeply involved in its journey.
  • GST will make India’s exports more competitive and provide level-playing field to domestic industry to compete with imports.
  • The new tax system will act as a major boost to economic efficiency, tax compliance and domestic and foreign investment.
  • GST is a disruptive change; however positive it may be, there are bound to be some teething troubles and difficulties.
  • GST is a good and simple tax regime that will eliminate the compounding effects of multi-layered tax system.
  • GST is result of combined efforts of all political parties. All states along with Centre discussed new taxation system for years.GST is transparent and fair system that prevents black money and corruption and promotes new governance culture.
  • GST will play an important role in realising the dream of a ‘New India’.
  • From Ganganagar to Itanagar, from Leh to Lakshadweep, there will be one nation and one tax.
  • At the midnight hour we will be launching one of India’s strongest and most ambitious tax and economic reforms in history.
  • For India it will begin altogether a new journey. It’s a journey where India will awake to limitless possibilities to expand its economic horizons, and loftier political positions.
  • The new India will create one tax, one nation and one market.
  • GST roll-out shows that India can rise above narrow politics.

    GST Roll Out Launch

After a 17-year-old roller coaster journey for the Goods and Services Tax (GST), the tax reform will finally be launched at a joint midnight Parliament session on June 30. The new tax regime, which will come into effect from July 1, is being touted as the biggest taxation reform since Independence, and will bring the country’s laborious taxation system under a single umbrella, merging India’s $2 trillion economy with its population of 1.3 billion.

Removing from ledgers Central and state taxes such as export, excise, service, VAT, among numerous others, it is aimed at modernising the economy, which is the third largest in Asia.

GST Roll Out Launch

Prime Minister Narendra Modi, along with President Pranab Mukherjee on Friday midnight formally launched India’s biggest ever tax reform since Independence the Goods and Serivces Tax (GST). Speaking at the GST rollout ceremony at the Central Hall in Parliament House in New Delhi, the Prime Minister said the GST, in reality, means ‘Good and Simple Tax’. “In a short while, India will move towards a new direction. We are deciding India’s future course,” the Prime Minister said. “GST is such a system which is easy, and will seek to stop black money and corruption, the Prime Minister added. PM Modi also said the tax reform will eliminate compounding effects of multi-layered tax system.

President Pranab Mukherjee, who spoke at the event after the Prime Minister, said the tax reform is a tribute to India’s democracy. “GST is a tribute to the maturity and wisdom of India’s democracy,” said Mukherjee. The President went on to say he was confident that GST tax reform will become a reality in the country. “This historic moment is culmination of a 14-year-long journey,” President Mukherjee said. “I was confident GST is a matter of time,” he added.

GST Roll Out Launch

After the speech by the President and the Prime Minister, the GST reform was formally launched at midnight with a strike of the gong. A host of dignitaries came to attend the gala event at the Parliament including President Pranab Mukherjee, Vice-President Hamid Ansari, Prime Minister Narendra Modi, Finance Minister Arun Jaitley and Speaker Sumitra Mahajan, among others. Former Prime Minister Manmohan Singh did not come to attend the ceremony, along with leaders from Congress party, who boycotted the ceremony.

Earlier, Union Finance Minister Arun Jaitley, at his introductory speech at the ceremony, said the the tax reform will create a united India. “The old India was economically fragmented, the new India will create one tax, one market and for one nation,” Jaitley said He further went on to say that GST reform will make a new journey for India. “India will launch its biggest tax reform at midnight. India will awake to limitless possibilities. It marks the beginning of a new journey for India,” the finance minister said.

GST Roll Out Launch

Sl No.TopicDOWNLOAD LINK
1.Schedule of GST rates for services CHECK HERE
2.GST Tariff Code in Uttar Pradesh CHECK HERE
3.Complete Details on GST CHECK HERE

Check here for more GST Offline Utilities – Click

Check here to download Download Printable GST Filing Date Chart :

SL NO. TOPICSLINK
1.Download Printable GST Filing Date Chart PDFCHECK HERE
2.Download Printable GST Filing Date Chart EXCELCHECK HERE

Check here to know more on GST and to download GST Billing Rules :

SL NO. TOPICSLINK
1.Invoicing Under GST CHECK HERE
2.Invoicing Under GST RulesCHECK HERE

Check here to know more on GST HSN Code with Rate :

SL NO. TOPICSLINK
1.GST Rate ScheduleCHECK HERE
2.GST Rate by GST CouncilCHECK HERE
3.GST HSN Codes EnrollnmentCHECK HERE

Check here to know more on GST HSN CODE in Excel Format :

SL NO. TOPICSLINK
1.GST HSN Code list in Excel FormatCHECK HERE
2.GST Rate List with HSN Code – All Items ListCHECK HERE
3.GST Invoice Format PDFCHECK HERE
4.GST Invoice Format ExcelCHECK HERE
5.

HSN Code List for GST in Word

CHECK HERE 
6. Item Wise GST Rates Decided on 18th June 2017 on Certain ServicesCHECK HERE

Check here to know more on GST Delivery Challan :

SL NO. TOPICSLINK
1.GST Delivery Challan Excel format 1CHECK HERE
2.GST Delivery Challan Excel format 2CHECK HERE
3.GST Delivery Challan PDF formatCHECK HERE

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